At the Gamescom conference in Germany today, Sony announced that the next version of the PlayStation -- the PlayStation 4 -- will go on sale in North America on Nov. 15 and on Nov. 29 in Europe.

The console, which starts at $400, has a number of critical improvements over the current PlayStation 3, which was introduced seven years ago. Most notably, the system has been souped up with graphics and processing horsepower. It has an eight-core x86 processor, and 8 GB of RAM helps provide an extreme level of detail in games like "Killzone: Fall" and "Call of Duty: Ghosts."

It also comes with a new DualShock 4 controller, which is equipped with a new share button for social media integration and a new sensor that will allow the PS4's Kinect-like camera depth-and-motion sensor to read where the player is.

But the PlayStation won't be the only brand-spanking new console on shelves around the holiday season. Microsoft's Xbox One, which costs $100 more, at $500, will also hit around the same time, though Microsoft hasn't set a specific launch date. While the PlayStation might have stronger graphics and gaming edge, Microsoft is going after the living room with new TV and media center features.

Still, gamers seem to be most excited about Sony's combination of power, features and price. Sony announced today that it has received more than a million pre-orders on the console.